CMFA Issues Tax-Exempt Financing for Urban Core Development
The CMFA issued $29,100,0000 for Urban Core Development to help finance Coliseum Transit Village Apartments project. Coliseum Transit Village is a new construction of a 110-unit affordable multi-family housing development. The development sits on an existing BART owned parking lot adjacent to the Coliseum BART station. Half of the units will be restricted at 50-60% AMI. The remaining units will be “workforce units” (60-100% AMI), which will be affordable to individuals and families that are highly “housing insecure,” meaning they spend more than half their income on rent, but are not served by traditional affordable housing. The project will be located at Snell and 71st Street, Oakland, CA and will provide 55 years of affordable housing.